Contrary to what you’ve probably heard in media reports, banks are lending and are looking for qualified borrowers, particularly small businesses. In fact, Bank of American Fork works with the government-backed Small Business Association (SBA) to offer loans specially geared toward small businesses looking to grow.
Despite the availability of SBA lending, there are many misperceptions about what an SBA loan is and how it works. Bank of American Fork Vice President of SBA Lending Richard Gray dispels some of the myths in a Utah Business magazine article, where you can learn the truth about the following myths:
Myth #1: There is substantially more paperwork for an SBA loan than for a conventional commercial loan.
Myth #2: My company is too big to qualify for an SBA loan.
Myth #3: It takes longer to obtain an SBA loan than a conventional commercial loan.
Myth #4: My company’s conventional loan cannot be refinanced into an SBA loan.